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MALIBU BOATS, INC.（MBUU）与再鼎医药（ZLAB）财务数据对比。点击上方公司名可切换其他公司
MALIBU BOATS, INC.的季度营收约是再鼎医药的1.5倍（$188.6M vs $127.1M），再鼎医药同比增速更快（17.1% vs -5.8%），MALIBU BOATS, INC.自由现金流更多（$8.2M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% vs -3.7%）
马里布游艇是美国休闲游艇制造商，1982年创立于加利福尼亚州默塞德，现总部位于田纳西州洛登，在澳大利亚新南威尔士州也设有生产基地。它是全球最大的水上运动拖船制造商，产品可供休闲使用，也应用于滑水、尾波滑板等各类赛事活动。
再鼎医药是一家创新生物制药企业，专注于肿瘤、自身免疫性疾病、感染性疾病等领域创新疗法的研发、生产与商业化，核心市场覆盖大中华区，与全球多家头部生物科技企业合作，为存在未被满足医疗需求的患者提供治疗方案。
MBUU vs ZLAB — 直观对比
营收规模更大
MBUU
是对方的1.5倍
$127.1M
营收增速更快
ZLAB
高出22.9%
-5.8%
自由现金流更多
MBUU
多$34.9M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
-3.7%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $188.6M | $127.1M |
| 净利润 | $-2.5M | — |
| 毛利率 | 13.3% | 51.0% |
| 营业利润率 | -1.9% | -54.6% |
| 净利率 | -1.3% | — |
| 营收同比 | -5.8% | 17.1% |
| 净利润同比 | -204.2% | — |
| 每股收益（稀释后） | $-0.13 | $-0.05 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收MBUUZLAB
| Q4 25 | $188.6M | $127.1M | ||
| Q3 25 | $194.7M | $115.4M | ||
| Q2 25 | $207.0M | $109.1M | ||
| Q1 25 | $228.7M | $105.7M | ||
| Q4 24 | $200.3M | $108.5M | ||
| Q3 24 | $171.6M | $101.8M | ||
| Q2 24 | $158.7M | $100.1M | ||
| Q1 24 | $203.4M | $87.1M |
净利润MBUUZLAB
| Q4 25 | $-2.5M | — | ||
| Q3 25 | $-702.0K | $-36.0M | ||
| Q2 25 | $4.7M | $-40.7M | ||
| Q1 25 | $12.9M | $-48.4M | ||
| Q4 24 | $2.4M | — | ||
| Q3 24 | $-5.0M | $-41.7M | ||
| Q2 24 | $-19.2M | $-80.3M | ||
| Q1 24 | $-66.8M | $-53.5M |
毛利率MBUUZLAB
| Q4 25 | 13.3% | 51.0% | ||
| Q3 25 | 14.3% | 59.5% | ||
| Q2 25 | 15.8% | 60.6% | ||
| Q1 25 | 20.0% | 63.6% | ||
| Q4 24 | 18.7% | 61.5% | ||
| Q3 24 | 16.4% | 64.1% | ||
| Q2 24 | 7.9% | 64.9% | ||
| Q1 24 | 19.8% | 61.4% |
营业利润率MBUUZLAB
| Q4 25 | -1.9% | -54.6% | ||
| Q3 25 | -0.4% | -42.3% | ||
| Q2 25 | 3.3% | -50.3% | ||
| Q1 25 | 7.6% | -53.3% | ||
| Q4 24 | 1.6% | -62.6% | ||
| Q3 24 | -3.3% | -66.6% | ||
| Q2 24 | -15.4% | -76.0% | ||
| Q1 24 | -36.8% | -80.7% |
净利率MBUUZLAB
| Q4 25 | -1.3% | — | ||
| Q3 25 | -0.4% | -31.2% | ||
| Q2 25 | 2.3% | -37.3% | ||
| Q1 25 | 5.6% | -45.8% | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | -2.9% | -40.9% | ||
| Q2 24 | -12.1% | -80.2% | ||
| Q1 24 | -32.9% | -61.4% |
每股收益（稀释后）MBUUZLAB
| Q4 25 | $-0.13 | $-0.05 | ||
| Q3 25 | $-0.04 | $-0.03 | ||
| Q2 25 | $0.23 | $-0.04 | ||
| Q1 25 | $0.66 | $-0.04 | ||
| Q4 24 | $0.12 | $-0.09 | ||
| Q3 24 | $-0.25 | $-0.04 | ||
| Q2 24 | $-0.93 | $-0.08 | ||
| Q1 24 | $-3.28 | $-0.05 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $28.2M | $689.6M |
| 总债务越低越好 | $20.0M | — |
| 股东权益账面价值 | $495.0M | $715.5M |
| 总资产 | $715.7M | $1.2B |
| 负债/权益比越低杠杆越低 | 0.04× | — |
8季度趋势，按日历期对齐
现金及短期投资MBUUZLAB
| Q4 25 | $28.2M | $689.6M | ||
| Q3 25 | $44.1M | $717.2M | ||
| Q2 25 | $37.0M | $732.2M | ||
| Q1 25 | $38.7M | $757.3M | ||
| Q4 24 | $35.1M | $779.7M | ||
| Q3 24 | $27.7M | $616.1M | ||
| Q2 24 | $26.9M | $630.0M | ||
| Q1 24 | $47.1M | $650.8M |
总债务MBUUZLAB
| Q4 25 | $20.0M | — | ||
| Q3 25 | $23.0M | — | ||
| Q2 25 | $18.0M | — | ||
| Q1 25 | $28.0M | — | ||
| Q4 24 | $23.0M | — | ||
| Q3 24 | $28.0M | — | ||
| Q2 24 | $0 | — | ||
| Q1 24 | $15.0M | — |
股东权益MBUUZLAB
| Q4 25 | $495.0M | $715.5M | ||
| Q3 25 | $516.4M | $759.9M | ||
| Q2 25 | $515.5M | $791.7M | ||
| Q1 25 | $513.0M | $810.8M | ||
| Q4 24 | $509.8M | $840.9M | ||
| Q3 24 | $517.7M | $667.7M | ||
| Q2 24 | $530.0M | $704.2M | ||
| Q1 24 | $557.2M | $762.2M |
总资产MBUUZLAB
| Q4 25 | $715.7M | $1.2B | ||
| Q3 25 | $755.6M | $1.2B | ||
| Q2 25 | $734.6M | $1.2B | ||
| Q1 25 | $758.8M | $1.2B | ||
| Q4 24 | $738.7M | $1.2B | ||
| Q3 24 | $759.1M | $985.3M | ||
| Q2 24 | $739.6M | $987.4M | ||
| Q1 24 | $797.6M | $988.4M |
负债/权益比MBUUZLAB
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.04× | — | ||
| Q2 25 | 0.03× | — | ||
| Q1 25 | 0.05× | — | ||
| Q4 24 | 0.05× | — | ||
| Q3 24 | 0.05× | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 0.03× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $12.6M | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $8.2M | $-26.7M |
| 自由现金流率自由现金流/营收 | 4.4% | -21.0% |
| 资本支出强度资本支出/营收 | 2.3% | 0.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $33.3M | $-158.9M |
8季度趋势，按日历期对齐
经营现金流MBUUZLAB
| Q4 25 | $12.6M | $-26.0M | ||
| Q3 25 | $6.5M | $-32.0M | ||
| Q2 25 | $21.0M | $-31.0M | ||
| Q1 25 | $15.5M | $-61.7M | ||
| Q4 24 | $28.4M | $-55.8M | ||
| Q3 24 | $-8.4M | $-26.8M | ||
| Q2 24 | $16.3M | $-42.2M | ||
| Q1 24 | $23.5M | $-90.1M |
自由现金流MBUUZLAB
| Q4 25 | $8.2M | $-26.7M | ||
| Q3 25 | $2.2M | $-35.0M | ||
| Q2 25 | $14.1M | $-33.9M | ||
| Q1 25 | $8.8M | $-63.2M | ||
| Q4 24 | $22.8M | $-58.4M | ||
| Q3 24 | $-17.0M | $-28.2M | ||
| Q2 24 | $4.5M | $-42.9M | ||
| Q1 24 | $11.5M | $-91.1M |
自由现金流率MBUUZLAB
| Q4 25 | 4.4% | -21.0% | ||
| Q3 25 | 1.1% | -30.4% | ||
| Q2 25 | 6.8% | -31.1% | ||
| Q1 25 | 3.8% | -59.9% | ||
| Q4 24 | 11.4% | -53.8% | ||
| Q3 24 | -9.9% | -27.7% | ||
| Q2 24 | 2.8% | -42.9% | ||
| Q1 24 | 5.7% | -104.5% |
资本支出强度MBUUZLAB
| Q4 25 | 2.3% | 0.5% | ||
| Q3 25 | 2.2% | 2.6% | ||
| Q2 25 | 3.4% | 2.6% | ||
| Q1 25 | 2.9% | 1.5% | ||
| Q4 24 | 2.8% | 2.4% | ||
| Q3 24 | 5.0% | 1.3% | ||
| Q2 24 | 7.5% | 0.7% | ||
| Q1 24 | 5.9% | 1.1% |
现金转化率MBUUZLAB
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 4.50× | — | ||
| Q1 25 | 1.20× | — | ||
| Q4 24 | 12.02× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
MBUU
| Boatand Trailer Sales | $68.1M | 36% |
| Saltwater Fishing | $65.3M | 35% |
| Cobalt | $52.6M | 28% |
| Part And Other Sales | $2.6M | 1% |
ZLAB
| Zejula | $56.0M | 44% |
| Other | $21.9M | 17% |
| Nuzyra | $16.0M | 13% |
| Optune | $11.9M | 9% |
| XACDURO | $10.7M | 8% |
| Qinlock | $9.7M | 8% |
| AUGTYRO | $836.0K | 1% |
